IDEAS home Printed from https://ideas.repec.org/a/taf/eujhet/v9y2002i4p513-540.html
   My bibliography  Save this article

Yet another look at Leon Walras's theory of tatonnement

Author

Listed:
  • Pascal Bridel
  • Elisabeth Huck

Abstract

Starting with a detailed discussion of the theorem of equivalent redistributions, Part 1 examines the central role played by the distributional neutrality of tatonnement in Walras's pure theory of exchange. Part 2 extends this discussion to Walras's attempts at reaching a similar result when dealing with the successive versions of his theory of production before 1900. Part 3 contrasts Walras's and Edgeworth's respective technologies of exchange in order to demonstrate that a distributionally neutral tatonnement is an intrinsic part of Walras's theory of exchange. Finally, and besides briefly summarizing the results, the conclusion develops the crucial connection between the necessity of a converging and distributionally neutral tatonnement in pure economics with Walras's theories of property and justice.

Suggested Citation

  • Pascal Bridel & Elisabeth Huck, 2002. "Yet another look at Leon Walras's theory of tatonnement," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 513-540.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:4:p:513-540
    DOI: 10.1080/0967256021000024727
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/doi/abs/10.1080/0967256021000024727
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/0967256021000024727?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Donald A. Walker, 1994. "The Structure of Walras's Consumer Commodities Model in the Mature Phase of His Thought," Revue Économique, Programme National Persée, vol. 45(2), pages 239-256.
    2. Pascal Bridel, 1997. "Money and General Equilibrium Theory," Books, Edward Elgar Publishing, number 1303.
    3. Vroey, Michel De, 1999. "Transforming Walras Into a Marshallian Economist: A Critical Review of Donald Walker's Walras's Market Models," Journal of the History of Economic Thought, Cambridge University Press, vol. 21(4), pages 413-435, December.
    4. Élisabeth Huck, 2001. "La neutralité du tâtonnement au regard de la répartition de la richesse dans la théorie de la production de Léon Walras. Le cas du tâtonnement sans bons des trois premières éditions des Éléments d'éco," Revue économique, Presses de Sciences-Po, vol. 52(3), pages 729-738.
    5. Costa, Manuel Luís, 1998. "Walras and the NeoWalrasian Diversion," Journal of the History of Economic Thought, Cambridge University Press, vol. 20(1), pages 51-69, March.
    6. Donald A. Walker, 1987. "Edgeworth versus Walras on the Theory of Tatonnement," Eastern Economic Journal, Eastern Economic Association, vol. 13(2), pages 155-165, Apr-Jun.
    7. Carlo Benetti, 2002. "Le problème de la variation des prix. Les limites de la théorie walrassienne," Revue Économique, Programme National Persée, vol. 53(5), pages 917-931.
    8. Elisabeth Huck, 2001. "La neutralité du tâtonnement au regard de la répartition de la richesse dans la théorie de la production de Léon Walras. Le cas du tâtonnement sans "bons" des trois premières éditions des &q," Revue Économique, Programme National Persée, vol. 52(3), pages 729-738.
    9. Michel De Vroey, 2002. "The history of economic thought: the French way," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 672-687.
    10. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
    11. Donald A. Walker, 1990. "Disequilibrium and Equilibrium in Walras's Model of Oral Pledges Markets," Revue Économique, Programme National Persée, vol. 41(6), pages 961-978.
    12. Donald A. Walker, 1994. "The Adjustment Processes in Walras's Consumer Commodities Model in the Mature Phase of his Thought," Revue Économique, Programme National Persée, vol. 45(6), pages 1357-1376.
    13. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-563, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. D. Wade Hands, 2012. "The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect," Chapters, in: Microfoundations Reconsidered, chapter 3, Edward Elgar Publishing.
    2. Roberto Marchionatti, 2007. "On the application of mathematics to political economy'. The Edgeworth--Walras--Bortkievicz controversy, 1889--1891," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(2), pages 291-307, March.
    3. Petri, Fabio, 2016. "Walras on capital: interpretative insights from a review by Bortkiewicz," Centro Sraffa Working Papers CSWP17, Centro di Ricerche e Documentazione "Piero Sraffa".
    4. stephane verani, 2005. "An Inquiry Into the Causes and Nature of Walras' Theory of Tatonnement," Economic History 0504001, University Library of Munich, Germany.
    5. Pascal Bridel & Elisabeth Huck, 2002. "Walras's tatonnement : a reply to Rebeyrol and Costa," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 559-567.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pascal Bridel, 2002. "Patinkin, Walras and the 'money-in-the-utility-function' tradition," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 268-292.
    2. Kelvin Lancaster, 1975. "The Theory of Household Behavior: Some Foundations," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 4, number 1, pages 5-21, National Bureau of Economic Research, Inc.
    3. Charalambos Aliprantis & Kim Border & Owen Burkinshaw, 1996. "Market economies with many commodities," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 19(1), pages 113-185, March.
    4. A. Fiori Maccioni, 2011. "The risk neutral valuation paradox," Working Paper CRENoS 201112, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
    5. Joosten, Reinoud & Talman, Dolf, 1998. "A globally convergent price adjustment process for exchange economies," Journal of Mathematical Economics, Elsevier, vol. 29(1), pages 15-26, January.
    6. Sandro Sapio, 2004. "Markets Design, Bidding Rules, and Long Memory in Electricity Prices," Revue d'Économie Industrielle, Programme National Persée, vol. 107(1), pages 151-170.
    7. Chiappori, P. -A. & Ekeland, I. & Kubler, F. & Polemarchakis, H. M., 2004. "Testable implications of general equilibrium theory: a differentiable approach," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 105-119, February.
    8. Silvano Cincotti & Marco Raberto & Andrea Teglio, 2022. "Why do we need agent-based macroeconomics?," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 5-29, April.
    9. David Colander, 2018. "How Economists Got It Wrong: A Nuanced Account," Chapters, in: How Economics Should Be Done, chapter 12, pages 163-189, Edward Elgar Publishing.
    10. Torsten Trimborn & Philipp Otte & Simon Cramer & Maximilian Beikirch & Emma Pabich & Martin Frank, 2020. "SABCEMM: A Simulator for Agent-Based Computational Economic Market Models," Computational Economics, Springer;Society for Computational Economics, vol. 55(2), pages 707-744, February.
    11. Bonnisseau, Jean-Marc, 2003. "Regular economies with non-ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 153-174, June.
    12. Emeric Lendjel, 2001. "Le tâtonnement "marshallien" dans les premiers écrits d'Oskar Lange," Post-Print halshs-00515386, HAL.
    13. Gaffeo, E. & Catalano, M. & Clementi, F. & Delli Gatti, D. & Gallegati, M. & Russo, A., 2007. "Reflections on modern macroeconomics: Can we travel along a safer road?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 382(1), pages 89-97.
    14. Monteiro, Paulo Klinger, 2006. "The set of equilibria of first-price auctions," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 364-372, June.
    15. Michel, DE VROEY, 2007. "Marshallian and Walrasian Theory, Complementary or Alternative Approaches ? The Views in Presence," Discussion Papers (ECON - Département des Sciences Economiques) 2007002, Université catholique de Louvain, Département des Sciences Economiques.
    16. Erhard Glötzl & Florentin Glötzl & Oliver Richters, 2019. "From constrained optimization to constrained dynamics: extending analogies between economics and mechanics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(3), pages 623-642, September.
    17. G. Fagiolo & A. Roventini, 2009. "On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 6.
    18. Kemp-Benedict, Eric, 2013. "Material needs and aggregate demand," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 44(C), pages 16-26.
    19. ADACHI Daisuke & SAITO Yukiko, 2020. "Multinational Production and Labor Share," Discussion papers 20012, Research Institute of Economy, Trade and Industry (RIETI).
    20. Joseph E. Stiglitz, 1991. "Methodological Issues and the New Keynesian Economics," NBER Working Papers 3580, National Bureau of Economic Research, Inc.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:eujhet:v:9:y:2002:i:4:p:513-540. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/REJH20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.